I have a 50% interest in a rental property. Turbo Tax did not figure depreciation at 50% but is taking 100% of the cost. What do I do?

[eloinew]

I put in 100% of expenses and 100% cost of depreciation and asked Turbo Tax to figure my percentage of 50%.  It is using the 100% of depreciation. Is that how it works or should it be only 50% of the depreciation?

[TomYoung]

On that page where you entered "50%" there's a note:

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Note:  The percentage you enter here applies only to your expenses.  The cost of your asset must be entered as the amount that represents your ownership.

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Go back through the interview where the property cost information is elicited and divide all those number by 2.

Tom Young

[JulieR]

You should report your proportional share (50%) of the rent income and rent expenses on your individual income tax return.  You should also enter the same proportional share (50%) of the rental's basis to appropriately figure the depreciation.